House sales see ‘significant’ 20% drop and could lead to more ‘competitive pricing’ in Brampton: report

Home sellers may need to get creative to attract potential buyers after sales dropped more than 20 per cent in Brampton last month.

With an average sale price of just over $1,010,000, real estate website Zoocasa said Brampton had one of the most “significant declines” in sales across the GTA in July.

Detached homes, townhouses, and semi-detached properties all saw double-digit declines in sales, the report says. Compared to June, townhouse sales plummeted by more than 33 per cent, while semi-detached and detached home sales dropped by 22.3 per cent and 16.8 per cent respectively.

The drop in sales means more Brampton properties are spending longer on the market, with condo apartments spending the most time up for sale at 36 days, followed by condo townhouses at 28 days and detached homes at 21 days.

Townhouses and semi-detached homes traded hands faster than all other property types with 17 and 18 listing days on market respectively.

With Brampton home sales in a slump, Zoocasa says potential buyers have plenty of options to choose from.

“Given the slower pace of the market, sellers may need to consider competitive pricing strategies to attract buyers, while buyers can take advantage of the increased inventory and potentially negotiate better deals,” Zoocasa said.

The number of listing days on market saw a year-over-year jump of 41.2 per cent from 17 days in July 2023 to 24 days in the same month in 2024, while property days on market increased by over 56 per cent from 23 to 36 days.

Zoocasa says the extended listing and property days on market “suggest a more balanced or buyer-favorable (sic) market, where buyers have more choices and negotiating power” while sellers “may need to be more flexible and strategic to find the right buyer.”

As for home sales across Peel Region, the Zoocasa report says the summer months often see a decline in properties changing hands and that was the case in July with a 16.3 per cent month-over-month drop in sales.

Properties were also sitting on the market “much longer’ than they were in June, with property days on market up from 33 to 37 days, the report reads.

“Sellers should be prepared to adjust their expectations and possibly lower their asking prices to attract buyers in this slower market.”